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US polypropylene export price nears 86-month low on supply glut

Increase font size  Decrease font size Date:2016-07-15   Views:553
US export homopolymer polypropylene prices were near an 86-month low on Thursday, as pricing levels were talked near the $950/mt FAS Houston, which sources attributed to high run rates, high imports of both finished goods and resin and high inventories.

The Thursday pricing was in line with the Wednesday export homopolymer assessment, which was pegged at $937-$959/mt FAS Houston, itself the lowest since May 26, 2009, when it stood at $926-$948/mt FAS Houston, S&P Global Platts data showed.

Wednesday's assessment was based on export rail-car pricing heard at 40 cents/lb ($882/mt) and accounted for bagging and transportation-to-port costs totaling 3 cents/lb ($66/mt).

Domestic prices were heard close to $$923-$971/mt (42-44 cents/lb) rail car and contracts at $1,146/mt (52 cents/lb) rail car.

Export pricing hit a year-to-date high January 10 at $1,389/mt FAS Houston. At the time prices in Asia were in the low $800s/mt, triggering a flood of imports to the US of both finished goods and raw resin.

Polypropylene imports into the US in May totaled 39,171 mt, up from 15,692 mt in May 2015, data from the American Fuel and Petrochemical Manufacturers showed.

The running total of imports for 2016 was 178,658 mt, compared with 68,364 mt in the 2015 period, and representing about 96.7% of the 2015 full-year import total of 184,704 mt, AFPM data showed.

Brazil, South Korea, and Saudi Arabia provided the highest volumes in May, with 9,224 mt, 5,578 mt and 4,509 mt shipped into the US, respectively, the data showed.

PP producers in the US were faced with a period of relatively weak polymer-grade propylene prices, which have been in the range of $660-$720/mt since last July -- a level last seen in 2008 -- and resulting in steady buildup in margins since early 2015, to reach around $660/mt in the beginning of the 2016. The flood of imports in the first half of the year reduced that margin to $150 for homopolymer exports in July.
 
 
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